ringed madrone tree

My horse has ringed a beautiful madrone tree. It is not ringed all the way around, but most of the way. He did it this morning, and I immediately wrapped the tree in damp sheets, then covered that in plastic. From my reading on bridge grafting, I'm not sure I can do this, as the bark on madrones is so thin. My plan is to keep the sheet damp by taking off the plastic and wetting the sheet down, then replacing the plastic.

Does it sound feasible that I can save the tree this way, or would you have a better idea? In another forum, someone mentioned spreading honey on the wound. Ever heard of this? The tree is probably 25 years old...he ringed about 75% of the base of the trunk.

Your plan sounds plausible, and I have not heard of placing honey on the wound. It is generally not a good idea to cover the wounds with anything of this nature, as it can trap disease and honey could encourage pests.